Choice Hotels International Inc.
CHH,
said Wednesday that the antitrust risk that Wyndham Hotels & Resorts Inc.
WH,
has claimed is inherent in Choice’s hostile $85-a-share takeover bid for its smaller rival is “misleading and further reflects the board’s apparent entrenchment.” In a presentation published Wednesday and filed with the Securities and Exchange Commission, Choice Hotels said it’s disappointed that Wyndham has pushed its disinformation campaign. “Wyndham’s characterization of the lodging industry’s competitive landscape and relevant regulatory criteria is incorrect,” said Choice Hotels Chief Executive Patrick Pacious in a statement. “Our pro-competitive combination is well positioned to obtain approval, and we remain committed to completing it for the benefit of both companies’ franchisees, shareholders and guests.” The two companies have been at loggerheads since Choice sent hostile with its cash-and-stock bid for Wyndham in October, with the Wyndham board declining to hold talks, citing regulatory risk given the long 24-month time period it’s expected to take to reach a close. Choice Hotels stock was slightly higher premarket.
